- Global crypto markets have been trending 5% lower over the last day, with $BTC and $ETH trading at $22.5k (-6.4%) and $1.50k (-6.6%), respectively. Alt L1 majors $BNB, $SOL, and $AVAX are changing hands at $257 (-5.2%), $41.5 (-9.4%), and $24.1 (-6.9%). The past 24 hours have been different for equities, however. SPX is flat on the day (-0.1%), while NDAQ is up (+1.8%) since open. The mixed performance across markets can be partly attributed to the European Central Bank's first hike in over a decade. Earlier today, the ECB announced a 50bps hike in response to 8.6% inflation in the eurozone. For context, the hike ended an era of negative rates stemming back to the Greek debt crisis in 2012.
- Zipmex, a Southeast Asia-based cryptocurrency exchange, announced that it is 'exploring all available options and plans to resume customer withdrawals from some wallets' starting Friday. This development comes less than 24 hours after they had paused them, citing volatile market conditions. The exchange also disclosed a $48m exposure to Babel Finance and $5m exposure to Celsius Network, both troubled debtors themselves. Zipmex joins Vauld and CoinFLEX as recent victims of contagion throughout the digital asset markets. While more companies may come forward and announce insolvency, we outline reasons to believe forced selling in markets has largely played out in the Crypto Weekly and DeFi Digest.
- Razer, the IT gaming hardware gaming company, partnered with Cake DeFi to on-ramp gamers into crypto. Gamers and customers of Razer will be able to leverage Razer's loyalty rewards programs, Razer Gold and Razer Silver, to redeem $DFI tokens by Cake DeFi. Cake DeFi is a CeDeFi platform that offers DeFi returns via a centralized company, similar to Celsius. This partnership is significant to the crypto gaming space as it represents a viable on and off-ramp for gamers looking to monetize their gaming experience. Through the noise now, it is worth noting that Cake DeFi is much more transparent than its centralized counterparts - all $DFI pools are publicly marketed on the website and are live on their native DEX on DeFiChain blockchain. Last month, Cake DeFi stated that it was unexposed to Celsius, ensuring customers that their transactions and deposits were all on-chain.
Crypto Daily Report – July 21
Jul 21, 2022
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